Dental practices are, in many ways, just like any other business. It’s vital to be competitive in your industry. One aspect of competitiveness is matching your lifestyle preferences with those of your practice and its patient base. For instance, do prefer to live in a big city, a small town, a rural area or somewhere in between This week, we’ve compiled a list of the pros and cons of o
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Just like looking for a place to live, the search for office space is an imperfect process typically requiring some compromise. For instance, you might start out looking for a three bedroom home only to realize that a two bedroom is more affordable and allows you to make other upgrades. While it is certainly possible to “fall in love with” a particular location, we like to emphasize th
If a city’s median household income is $70,000, its residents surely spend more on dental care than than the residents of the neighboring town where median household income is $60,000, right Not necessarily. Though median household income is often accepted as the sole measurement of an area’s wealth and thus, demand for services, it’s really only a fairly reliable summary of a mu
Among the many demographic factors considered in a dental real estate search, the growth of an area is often seen as one of the most vital. Given that the office you choose may be the place you call your “work home” for 20 years or more, it’s no wonder that future population projections are at the top of many dentists’ minds. Keep in mind, though, that there isn't just
If you’ve ever had the pleasure of living in close proximity to a large river or lake, you know that one of the few drawbacks is having to cross to the other side. Not only is this trip time consuming, but after a while it might even start to induce headaches. For instance, you may have to drive a long distance just to access the nearest bridge or tunnel which will take you across. And when
After years of extra schooling, associateship and paying off debt, many doctors are ready to branch out on their own. Intuitively, they seek trade areas where the demographics best fit their practice strategy. For example, a Medicaid-focused family practice would seek a market with lots of families and children who qualify for assistance. On the other hand, a practice investing in state of t
One of the most common questions that we are asked is, “If you could locate a practice anywhere, where would it be ” While there’s no simple answer to that question, a good place to start is with a list of the fastest growing metropolitan areas. Not only are residents of these cities more likely to be under-served (commercial development comes after residential), but population g
National and regional chain retailers are reliable drivers of site traffic. Undoubtedly, they bring lots of eyes to the area where they choose to locate. As a result, these magnets for development are commonly recommended by real estate professionals as desirable neighbors for dental practices. And that’s for good reason. But they’re not perfect. The industry is renowned for its ever c
In short, retail office space is the most common and reliable, followed by a condo/suite, and then a ground-up building. But that's probably not what you're looking for. Assuming you're a General Practitioner, and are really trying to gauge as to where to open your practice, consider a few things: 1. The Demographics of the area 2. Your Competition – #'s & Strengths 3. Th
If you’re starting up a dental practice, you’ll establish a network of people – your ‘team’. Normally, those involved will include a real estate consultant, equipment and supply representative, contractor, banker, CPA, attorney, consultant and insurance broker. You’ll sign a lease, buy equipment, have you office built out, sign on a bank loan, and hire help for